Date: 1906
Source: Lenin Collected Works, vol. 28
Pages: 395–406

S. WALTERSHAUSEN. "DAS VOLKSWIRTSCHAFTLICHE 
SYSTEM DER KAPITALANLAGE IM AUSLANDE"

A. Sartorius Freiherr von Waltershausen:
"The National Economic System of Capital Investment Abroad." Berlin, 
1907. (p. 442).
(The work is divided into 4 books:...* I managed to leaf through 
only most of it, selecting the most important [passages].)

Argentina = "in truth a commercial colony 
of England" (45–6)* "into which over 50 million 
pounds sterling of capital has been invested there" (46)....
50 × 25 = 1250 mill. francs = 1¼ mda. francs.

French capitals
in Russia                          approx. 9–10 billion francs (estimate 1906) (p. 48)
» Belgium                           » 0.8   »       »
» England                           » 0.9   »       »
» Switzerland                      » 0.4 (and up to 1.0)
» Germany                           » 0.2–0.3 (Leroy-Beaulieu. "L'économiste 
                                           français" 1902. II. p. 449 ff.)
» Spain                             3 billion francs (53)...
» Tunisia                           — 512 million francs... (50)

French capitals abroad
30 bln. francs (55) (L.-Beaulieu ibid)
34 »        »        (L.-Beaulieu: p. 98)
40 »        »        (1905: author's calculation p. 98)

* A word or two are blotted out with ink and cannot be made out (possibly: 
"from them"). Ed.

English capitals in America (1857) — 80 mill. pounds 
sterling (p. 62 — according to Marx, Capital III, 2., p. 15, note)

German capitals abroad [only funds]
up to 10 bln. marks (1892) (p. 101)...
up to 16 »    »        (author's estimate, p. 102, for 
=                        1906)
+ 10 not in funds (p. 104)
(*) 2 = 26 bln. marks

German capitals in German 
colonies (1904) = 370 million 
marks (p. 133)

B. Harms
* Thus (1905)
(p. 234 ff.)

bln.
70–65
marks
35–34
England          55
35–35
France           32
140  134
Germany          26
Пз

"It has been calculated that 
England at present receives from the 
United States in the form of 
capital profits and interest approximately 4 billion 
marks" (68).

(*) English capitals abroad (estimate by Speyer 
for 1900) = 
= 2,500 million pounds 
sterling (p. 94)
× 20 = 50 bln. marks
+ 50 million per year
× 5 (1901–5)
25М × 20 = 5000 
5 + 50 = 55 my calculation

Foreign capitals
in Austro-Hungary (1903) = 9,809 million crowns (p. 107)
including Germany.................................4,653
France..........................................3,270
Holland..........................................  647
England.........................................  356
Belgium.......................................... 243
Switzerland..................................... 242
other............................................. 398

idem B. Harms. "Problems of World Economy," Jena 1912, 
p. 236.

**Romanian kerosene** (1905) 
(p. 145–6):

Capitals               millions 
(private)             of francs
Germany.................–92.t
Holland.................–8.0
England.................–5.2
France..................–6.5
Belgium.................–4.0
Italy....................–7.5
America.................–5.0

Colonial banks (1905)

capitals         branch      millions
                 offices     
England (p. 151)    2136       35.5 pounds sterling
+   175       17.2 »      »
France              136        327 francs
Holland              67        98.3 guilders
Germany (p. 152)     87        60 marks

Belgian capitals in Russia 
(1900) = 494 million francs (p. 182).

Foreign capitals in the United 
States of America (p. 240).

America's loans (1902): 
3 billion 
dollars

in enterprises, etc.
England—        4 bln. marks (approx.) 
(p. 242)
Germany         2  »    »       »
France          450 million francs

... "Between the major money markets at present 
equilibrium is often maintained, however, depending on 
special circumstances the center of gravity shifts now to 
London, now to Paris, now to New York" (251)....

American capitals in Mexico (1902) — 500 million 
dollars (p. 243)...
in Cuba — 159 million 
dollars (p. 244)
since 1900 they have made "enormous progress" 
in Brazil (243)...
total American capital 
abroad (p. 245)

millions
of dollars
(1897) — 600–800 
(1902) — 1300–1500

In 1870–1 Leroy-Beaulieu reckoned 
France's property (national) at 140 bln. francs; 
annual savings 2 billion francs 
(p. 348, chapter: "Export Capital and War"); 
foreign capital = 15 billion 
(their income = 600–700 
million).

**State debt 
of Russia (1906)**

— 9 bln. rubles or
20 »    marks
(p. 292–3)
of which 9–10 »    marks
France
2–3  »    marks
Germany
remaining           England,
Holland,
Austria (!!)

NB

NB

**Fourth Book:** 
"Export Capitalism and Society" (357–442) is devoted 
chiefly to the question of the "rentier state" (example of 
Holland) — now becoming such are England and France — 
"Germany's World Economic Tasks" (Chapter III, Book 4):

In this chapter the author appears as a thoroughly 
determined German patriot and imperialist. He is in favor 
of peaceful division of spheres of influence (and profits) 
in Africa and the like (p. 424–5 and others), but is 
**fully prepared for war** (440 f.f.)...
For armaments....

..."China, Morocco, the Congo State, the Turkish 
Empire, Russia... still offer various prospects for 
capitalists and entrepreneurs" (423)...

..."Africa... a European domain" (425), if 
America is conceded to the United States.

..."The greatest future for the export of 
European capital lies between Cape Blanco 
and the Cape of Needles" (425)...

Socialists allegedly (Marx and Engels are cited) espouse "utopias"... In reality, the contemporary social order offers excellent prospects to the worker. The majority of the rich have come from workers and kleine Leute (cf. "History of Modern Riches" by C. Schmidt-Weissenfel, Berlin 1893, which contains instructive examples, for instance, Borsig was a carpenter, Krupp a metalworker, Leitenberger a small manufacturer, Lanna a shipbuilding worker... Siemens a tenant... Dryse a locksmith... Rothschild a petty merchant, etc.)...

We Germans do not yet know how to value our colonies and their significance as well as the English do (434)...

Workers gain, as a class, economically from colonies and Weltpolitik... Socialism is stagnation: "This foolishness dares a conscienceless demagogy to preach to the politically immature working masses as the gospel of contentment and satisfaction" (437)...

..."Our Social Democracy will not hear anything of steadily promoting the aggregate national welfare. It strives for the union of proletarians of all countries in order to smash capitalist society. As is well known, this idea has proven itself neither in terms of agitation nor in terms of any useful social consequences. What use is there in demanding the destruction of old buildings if it is impossible to build a common new house? Nothing can be answered but agitation phrases, which are opposed to the life-giving concept of nation" (438)...

Praises the "realism" (438 and 9) of English workers (struggle against immigration) and desires the same for Germans...

NB By the same author: "Materials on the Question of an Economic Federation of Central Europe" in "Zeitschrift für Sozialwissenschaft": vol. V, issues 7–11.

End